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The party member's level determines their HP (and Noctis's MP). Party members obtain EXP from defeated monsters, but cannot use it to level up unless they rest. By setting up a camp at a safe location or staying in a lodging the player can apply the EXP earned to level up the party. If the party stays at a lodging, they cannot cook food for buffs, among them buffs that boost EXP earned from monsters, but can receive EXP at an expedited rate. Using the Nixperience Band allows for low-level challenge playthroughs. A character's level is factored into their damage-dealing calculations. Guests do not earn EXP or level up.

HP determines a unit's health. If a party member falls to 0 HP, they enter a Danger state, in which they can do nothing but stumble around until their HP is replenished. In Danger, max HP continually decreases, and will further deplete by getting attacked, though a party member in Danger can absorb noticeably more damage compared to their regular health bar. After a while, they will automatically recover. True max HP will always be displayed in the main menu. If a character's max HP falls to 0, they will be Downed, and the player has a short window to use a Phoenix Down or Mega Phoenix to revive them. Otherwise, the player gets a Game Over. On Easy Mode, depending on the location and fight, Carbuncle will revive the party leader should they be Downed. Guests cannot enter Danger state, and thus can't be Downed.

HP is restored with items, the Rescue command when used on a party member in Danger, the First Aid abilities, Healcast magic (which also restores max HP), and the Revitalized and Serene statuses. Both HP and max HP gradually recover over time (based on percentage), and at an accelerated rate outside of battle, though max HP doesn't recover in dungeons. There are weapons, accessories, attire, and recipes that boost both HP and MP recovery rate. When Noctis is staggered, he briefly stops regenerating HP and MP. Enemies rapidly restore HP outside of battle. When poisoned, HP will not passively recover, though recovering from Danger is still possible. HP and max HP are fully restored when camping or eating at restaurants.

MP is a stat mostly reserved for Noctis. It is expended when successfully phasing through attacks, warping, using machinery abilities, and casting magic with the Ring of the Lucii. When Noctis runs out of MP, he enters a state called Stasis for several seconds, in which he won't be able to use these abilities. Attempting to warp will briefly stun him. Noctis can still brace most attacks in stasis with the phase button, greatly reducing the damage taken.

MP refills automatically over time (based on percentage), or through the use of items. Point-warping restores all MP. Taking cover and wearing certain accessories expedites the rate MP refills. Successfully dodging attacks with the Ring of the Lucii will recover some MP. The player can learn abilities in the Ascension that affect MP use: Blink lets the player phase through enemies' attacks without expending MP if timed just right, Light Phase cuts the MP cost of phasing, Osmostrike recovers MP when an aerial attack connects, Rapid Regen boosts HP and MP recovery rate when in cover by 10%, and Experimagic boosts Noctis's MP by the following formula: $ MaxMP = BaseMP + CurrentLevel $.

Gladiolus and Ignis have 100 base MP when they are being controlled, and it can be boosted with equipment. Similar to the Ring of the Lucii, their MP drains rapidly while defending, rather than when successfully dodging attacks, but it also recovers faster and their Stasis periods are significantly shorter. Unlike Noctis, they cannot brace attacks or dodge-roll in stasis. Ignis also consumes MP when pseudo-airstepping with his Lightning daggers, but can do this seamlessly thanks to the high regeneration rate. Prompto has no MP and likewise no dodging ability, aside from his dodge-rolls.

Strength affects the damage dealt with physical attacks. Strength Level from the Ascension boosts Strength for each party member separately by the formula $ Strength = BaseSTR + CurrentLevel $. The Strength stat is calculated differently for enemies.